How to stand out in the competitive e-commerce market

16 Apr 2022

Pierre Bertin: So, a very wide topic today. How to stand out in the competitive ecommerce market?

Ran Cohen: Yes, it is. So very wide topic. And there is many ways to tackle it. You know, absolutely from different heads of people, business owners and payment managers or from the side of technology or from the side of money on the marketing or the operations you know. But in the end, you have to focus it to see what really creates you the impact of standing out. And what is correlating to the impact or what is coming together with that impact but something must be focused still to get to the point that you start trying and you know, failing or succeeding.

Pierre Bertin:  Alright, so I'm Pierre, one of the Business Development Managers here at Bridger pay. I'll be hosting this webinar this evening, how to stand out in the competitive ecommerce markets. And I have with me, Ran Cohen, who is the Co founder and CEO of Bridger pay. Hello Ran, how are you? 

Ran Cohen:  I'm good. I'm good. Thank you. How are you?

Pierre Bertin:  I'm very good. Yeah, thanks. So this webinar is quite broad obviously. How to stand out in the competitive ecommerce market. it's a very broad topic. But we will try definitely to cover as much as possible and try to give you as many tips as we can. What we think is important for ecommerce companies who actually stand out and make a difference on the market. 

Ran Cohen: Let’s ge started 

Pierre Bertin: So just to explain a little bit why did we come up with this topic. For the past, as you all know. For the past two or three years now, we've had a pandemic. Everyone has been impacted by the COVID. And COVID, has changed the face of ecommerce. A lot of shops, physical shops are to be closed all around the world. And in order to survive, they went online. A lot of people as well had to stay at home. They had plenty of time in their hands. And they went online as well surfing on the web, looking for products, looking for inspiration, looking for ideas, trying to do their groceries online, buying things. Everything. We went from an offline world, sort of to an online world. And just to give you a couple of stats. On the impact of the Coronavirus on the retail ecommerce websites traffic worldwide, as of June 2020. It went from 13.8 billion views to 21, almost 22 billion average monthly visits. So plus 58% increase. This is huge. 

Pierre Bertin: And so just also to show you how much other people have started to go online. In the US for example, just in the US. In 2020, over 2 billion people purchase an item for the entire year. Right. So it's very big. It's, it's huge and it will continue growing. The year retail sales surpassed 4.2 trillion US dollars worldwide and almost 5 trillions in 2021. So it's.

Ran Cohen:  Crazy numbers. And if you think about COVID and the impact, I think deliveries is one of the most areas where the growth of offline becoming online will add. Shops, restaurants, and fast food. Everybody is delivering and doing it from the online or from mobile. And they are all growing exponentially both the delivery softwares and the amount of companies, of course that are using it today and the providers that are supporting those services.

Pierre Bertin: Absolutely.

Ran Cohen: Yeah huge growth. We can see that the increase of the retail sales is something that is continuing to grow and research is saying that the numbers will reach a lot of trillions but

Pierre Bertin: 7.4 by 2024 apparently.

Ran Cohen: And they didn't took under consideration, the COVID is still, the implication of COVID in terms of E commerce are still to come. But when you look at yourself as a business and with all that growth and with all those big numbers and you want to be a part of them, of course, you want to take just a bit of piles of a percentage to start generating revenues and grow. And what you do is basically think about how do I do it? How do I stand out? How do I become better than my competition? Or both themselves both in optimization?

Pierre Bertin:  Yeah. So, it's a big cake, as you said, 7.4 trillion. And let me ask you a question. How many do you think, how many websites worldwide do you have? This is by the way, the first question of our poll so far. You guys that are part of the webinar, please feel free to answer the question on the poll. But Ran, what......

Ran Cohen: Can I check the poll as well? For the answer. So yeah, I would definitely say it's 24 and above. The amount of new website starting every day is huge. Both in different platforms with built in websites open code. So yeah, growth is huge.

Pierre Bertin: So big cake, but also a lot of players 24 million. Some biggers and others, Amazon for example represent 50% of the sales in the US just alone which is massive, but the competition is fierce. There's a lot of things that you guys not can do as a business owner in order to stand out from the competition. So what are the elements that you would consider guys changing or that would have an impact on your actual brand that would make you stand out. So you would have for example, a unique product. You have a couple of companies like Louboutin for example, who created the fashion retailer. And they are being famous and they have personalized their product. That's a red bottom under the shoes. This is their brand. It's a unique product that they've done that makes them stand out from the competition. You could have a unique design as well like McDonald's. McDonald's for example started dressed as a at a restaurant and expanded and decided to go with a big M logo that you can see everywhere. If you're starving one day you just look up probably have a McDonald's not far from you. You could have also unique services. Unique technology. How Bridger pay became unique. What have we done to stand out from our competitors?

Ran Cohen: Well, first of all you said that Christian Louboutin, which is a very unique product with a unique design. Unique type of technology that they're using for shoes. I was just in Dubai not long ago. I saw the store of with all the shoes and there was one in the middle, just big one, big box in the middle and the shoe was on top of it. It was a completely transparent shoe. You could only see the red thing. And there was the small heel, obviously it costs 1000s. of dollars. But there was no shoe. It was completely transparent. The only thing you saw is this red thing. So just to show you that It's not enough that they made this red thing that is really much unique for them. They also emphasize it and put it in front of the product itself. And that was a great to see. I think what we tried to do in Bridger is to focus obviously, the fact that it's going to be our own technology and is something that we obviously knew and design wise is obviously in my heart. This is something that I was doing for many years. In terms of building products. And the product that we would build in Bridger should be user friendly and easy and but we really try to achieve here in Bridger is to find a way to simplify legacy way of thinking. Not only legacy technologies, but the legacy way of thinking of how a technology of payments should be? what it should provide you? And it took us a long time to get to where we are today with many many many businesses. In so many verticals that we spoke with that helped us really paint the picture of their needs, their challenges, enabling us to build the product that fits any business that is really unique, both and that's one of the part that is unique one. It's not just a payment operation platform for travel or for ecommerce or SAAS. It really fits all and answer those challenges.

Pierre Bertin: True. And we've had a lot of testimonials from clients as well, telling us that we are the unique platform. Helping them solving their issues, their payment issues. So this is our uniqueness, right.

Ran Cohen: It's also how you build a new feature and how you think about every challenge we try to solve. We try not to just solve the challenge, we try to build something which will solve it in a completely unique way different way of thinking of the challenge, we break it down two parts. And then reach the results we want to reach.

Pierre Bertin:

It's also very important to have a good marketing strategy and good communication around that. To showcase your uniqueness, show your clients how you stand out. What makes you different. And nowadays, a lot of ecommerce companies have joined. Agencies in their strategic communications, and they use storytelling techniques, like Michelin  for example who created a character, Michelin. And that character became very iconic. They were using that character in all their stories, as I still remember 20-30 years ago on the TV, or those ads where you could actually see a family going on holiday and the car  breaks down on the side of the road and the Michelin character that comes and saves them replaces the tires and continues. So these ads and these communications, just continue and maintain the legacy of the company. So, as an ecommerce is the way you communicate, it will help you stand out from the crowd.

Pierre Bertin: There is also another in other aspects that can help you stand out. It's through innovation. Innovation is very important. Something that you guys should definitely look at. I've mentioned you can see here on the slide. For example Kodak. As you probably wonder why is Kodak here? Kodak is for any students in a school we studied, the case Kodak, who failed to innovate. It's a great example of innovation failing. They did not believe in the digital at the time, about 30 years ago. And they fell behind. They fell behind the competition. They did not go digital. They still believed in the old camera, the old film that we could do when we go on holidays. And unfortunately, they ultimately went bankrupt. So innovation is really important. Tesla is also a great example on their own market. They created their own market in fact, the electric cars. It's something that is quite new, I mean with SpaceX. They are at the top of every market that they try to go on. And Lego as well. Just recently or few years ago already tried to step away from the regular plastic that pollutes the planet and really replaced this material in order to become more eco friendly, communicate around that and innovate through this.

Ran Cohen: If you look at innovation and you try to break it down to something which is more realistic and can also become like a way of thinking, okay. So you're saying okay, everybody wants to be innovative or everybody want to say they're innovative but you want to not only say that you are innovative, you want to you want the world to know and like you are showing Tesla as an example. And how do you get there? And how do you get to the point that the product will be the features in the product the stuff that will make you stand out in the end? How do you know that you're making something which is innovative? And it all starts from the problems you try to solve. And when us as human try to solve problems, we usually go to try see what other people done. So if I was now a carmaker that wants to invent new electrical cars, whatever. And I would go and look how all the other cars would look like. And I would say, in order for the electric car to be super successful, it has to look like the regular Chevy, the regular Benz, the regular car. So I'm not gonna make them such a difference. So the embrace of my electrical car will be easier because people know it. But is that what Elon Musk did with Tesla?

Ran Cohen: No, he built a completely different car. A touchscreen car, a super super modern car. He broke down the problem. First of all, he looked at the problem not from the angle of what my competitors are doing in the world of cars. He broke it down to the first principle. He actually thought why people need electric cars. Why would they buy now an electric car? What would make them buy an electric car? And that's not just by saving them a few bucks on the dollar, on the petrol but that's to give them a real added value in that car. To make it a completely different car. And that's working according to first principle. And you have different people around the world that are thinking in this way. This is a matter of a way of thinking that we very much like hearing Bridger to think and to get to the problems to the bottom of the problems, thinking about why we want to solve them and what we are trying to achieve. And when we find the solution, we find a solution that is regardless to how anyone else solved that issue or problem. And I think that's a way of innovation and a way of creating. That's how we created the retry and the way of seamlessly sending a transaction between two payment provider in the scene.

Pierre Bertin: And now the notice flow. She's our latest innovation at Bridger pay.

Ran Cohen: Yeah, cell phone boarding is today kept for third party technologies that are pretty much easy to use and easy to onboard and easy to get started with. The world of payment was very much closed with big applications and a lot of processes behind. And we wanted to really solve that challenge for good opening the door to really any website to come to our website and complete the process of onboarding along with all the component that he needs in order to integrate Bridger and connect his payment provider and start processing. So yeah. I think this is one of the key elements in opening the door to the world to Bridger pay and having merchants to try and see how they can start use a payment operation system. That will optimize their payments and make their life much easier. If we have questions. We have a questions. A few from.

Pierre Bertin: From Sohail Khan. from a crowd.

Ran Cohen: Yeah, let's read it.

Pierre Bertin: "I think in these competitive markets to stand out from a crowd are providing cash back after checkouts. Like 1% or 3% of the purchase". That would be very innovative, yeah standing out.

Ran Cohen: They have some features. I think as we can wallet fill is the better option. There is a lot, there is in India, different ones that are doing cash backs. Look regarding cash backs and that is something that is very, it's a good topic. Also It should be addressed from both sides of the story because from one side when you want to cash back so a user is making a transaction and buying a shirt in $100 for example or whatever and you're giving him $1 on every $100 that he's spending. Now, who is giving the dollar? Is it the payment provider? Is it the merchant, the business? So usually today, like Sohail Khan is saying is mentioning those cash backs are usually provided by the payment providers. Payment providers that are doing the processing obviously wants you to process more with them. Wants you to press more on their queue of payment method within the checkout of the business. So they give you incentive as the end user right to do that. And of course, you can do that with different methods like QR and etc, that's very popular. But to move this power to the merchant is also powerful. So the merchant could take this option or this position and tell his client or tell his user listen user, every time you will buy with me. I'll give you a little bit back. So your buying power is bigger next time. And that's also something which is obviously depends on the revenue of the merchant and his ability to do that. But yes, I think that's definitely a feature that you can use in order to retain more clients.

Pierre Bertin: Absolutely, that would be a nice.

Ran Cohen: It will be in future to think about how do we add cashbacks in Bridger. So will do a transaction in the checkout and whenever we finish the checkout, we sent the payment provider the $100. The merchant is giving the user in his profile, another dollar or two on the cashback. So we will send the merchant on the notification and basically the command to give this client another dollar or two as a cashback. So this is something we can do in Bridger. Sohail Khan thank you for the advice. We call it cashback feature.

Pierre Bertin: Good innovation Id. Guys, should I remind you that we have the poll with a couple of questions as well. So feel free to answer according to you. What is the most important aspects to develop for your brand to stand out with your product, your service, your communication, your vision for the future, the innovation aspects, right new features that you keep adding to your product and one key to help you innovate and stay on top of this is obviously data. Data driven innovation is key whether it's for new platform products or system. Everything usually is created out of data. It's increasingly important as part of the payment industry as well. It's more and more collected, analyzed and used in valued points throughout the payment flow. So, how do we use data in Bridger pay?

Ran Cohen: So basically Bridger is a place with a lot of data. Every transaction from every payment provider, from any country, from any users, from any payment method is going through us. We are processing today transaction in over 180 countries, over 84 currencies. So we're talking about huge amounts of data, not something in Excel obviously can handle. When you try to put it all together. And when you're dealing with masses of data, you start having the need of the use of technology. Many companies going and working with the different data analysis tools and platform and third party platforms to analyze the data and manage the data and have some kind of transparency. What we found out is that working with different third parties especially in data, requires a lot of setup. A lot of setup work. A lot of integration work, a lot of misbehaviors and discrepancies. A lot of time that you as an organization is basically spending on technology which is not yours. It's like a black box. It's under your data and they do whatever crunch data they do. You don't know how they're calculating anything and in the end, you get this nice dashboard with all these results.

Ran Cohen: So it didn't work for us and we and we basically quite fast moved to a place where we own all the data, all the data from all the different sources in Bridger no matter which payment provider require, merchant, method, client, user, website, landing pages, marketing materials, whatever we use. Our CRM. Basically everything is running into our power BI, into our data warehouse allows us to do all the calculations and transform mission of data that we need to have. And that has taken us to a different place where we are owning the data today. We own the data. We own the calculations. We are making the different dashboards and reports and predictions according to with the data in our hands. So all the logic is in the company and we see that it works much better for us. This was our best decision ever.

Ran Cohen: We have some questions. "How we can track data, Google Analytics Power BI should be good like once cookie policy is accepted. On the buzzer, we start tracking data". Well cookies is a very limited way. For example, you have Google Analytics that tracks you the data or that track you the user within the website. But once for example it goes into payment pages which doesn't belong to you and belongs to the one that provides you those payment pages and which has the PCI etc. Then you start losing data and you lose what happens inside. And obviously if we want to talk about data then there is the after purchase life and when someone is upgrading the product or becoming growing within the packages and as a SAAS client. So data becomes a place where there are many many channels and you want to have them all in one place. Ana is saying that the data and the regulatory requirements pertaining to it. PSD too, also often drives innovation in the payment industry. Well, yes obviously but that brings a lot of innovation in the way KYC is being handled, in the way payment providers are approving business. When we are talking about an E commerce shop, then the data is different and yes you can definitely track it with your own data warehouses. And then use Power BI, for example as a tool to have things more visible with dashboards and stuff. But the calculation would still come from you. And I think that will prove it on the long term. And definitely we give you the edge between you and all others that we struggled.

Pierre Bertin: Exactly. Because a lot of businesses now go online. They are getting obviously a lot of data that they were not having when they were having their physical shops. So it is quite critical for them to be on top of their data on their CRM be able to track it, to analyze it. In order to then after that make, basically strategical decision that will help them be on top of their innovation and stand out from their competition. And it's particularly also important with the payment world.

Ran Cohen: We have also an event too. Yeah. And data regulatory, we should bring our VC to do an event. And speak about cost constraints and what the requirements that are being placed to different websites and services.

Pierre Bertin: Yeah, absolutely. And so when you are an E commerce. You obviously set up your checkout. We actually had the webinar about this, your checkout experience. Your checkout can help you stand out from the others. How often have we gone on to a different websites, whether it's to stream for example, if you watch sports like me and you're being asked not to purchase something, and the actual checkout looks kind of shady. That doesn't make your website trustworthy. It is quite important to gain the trust of your customers. Just so you know, statistic that I actually found online. Shape Security reported that in 2018, so I know it's few years back now but still that kind of shocked me. But they were saying that 90% of the total login attempts to online retailers were actually hacking attempts. That is huge. And that will actually be the topic of our next webinar next week on Thursday. But cybersecurity, it really brings more security to the core of the online business.

Ran Cohen: With what's going on today with the world, the way you architect your software and build your server infrastructures, the security protocols running between them between the services. So it's not only how scalable is your cloud infrastructure and how you've built it etc etc. It's how you secured it. When you go through PCI, you go through hundreds and hundreds of security items that are compelling you to make sure everything is tightened and secured and encrypted and in a way that will keep this level of security and today when we see different websites, obviously the PCI is a liability and it's a big one. And it's a liability usually they leave with the payment providers but they do the mistake of leaving it to the payment provider. And then what you get is redirect payment pages, that 30% of your users will be immediately dropped. The redirect will open your page that looks like a white room with the yellow colors. It's completely off your brand and that's the payment provider with the logo no one knows or the payment provider, no one knows. Because it's your acquire. It's not exactly a worldwide name. And then what you're left with is a user which is a bit disappointed, and a bit afraid and not exactly feeling on the top of the confidence level. So security is not just the PCI. And it's not just the way that you secure the services. It's also how you secure the website. And like you said those of login attempts, the amount of requests a website is getting today which are filtered as spam is huge. And every website must repair the infrastructure that will allow you to protect himself where we work today with Cloudflare. And use the Enterprise Services to protect the entire environment of Bridger and we have a really good partnership with them for years now. And it helped us a lot in terms of mitigating different attacks which always happens on a daily basis.

Pierre Bertin: So that's why it's very important to trust, to choose the right PSP. Choose the right payment gateway. And try to choose local when you can. I mean, we can offer that what put your private. It's very important to gain the trust of your customers if you want to stand out from the competition. Because if I go on your website, I may like the product, what if I ultimately I feel for even one second, that it is something shady because of the checkout experience. I will not come back on the website and will probably choose one of your competitor to make that purchase.

Ran Cohen: Local payment providers and methods and ways of payments are becoming and is one of the main aspects of creating a good checkout experience. If we spoke about tracking data before walking with a payment operation system will allow you to continue and track the data within your checkout. Because your checkout won't belong to any payment provider or method. It will belong to you. Self by your payment operations platform. But it still belongs to you and something that you can continue on tract that and what is happening. And their ability to offer local payment providers and there're so many, both buy now pay later and alternatives and obviously the local acquires. And then that gives you the edge, that gives you the full confidence in the product. And if everything in all of them is looking like you and sell from your website, without any redirect, without any pop ups, without any different look and feel then yes, that's how you stand out from the rest. That's how you are getting to the best practice of a checkout.

Pierre Bertin: Good, thank you Ran. I think we're coming now to the end of the webinar already and do we have any questions. So the innovative checkout experience I saw was one company probably was Bridger pay. Okay, we don't have any other questions.

Ran Cohen: Yeah guys, if there is any other questions from your side, we'll be happy to answer. So don't be shy.

Pierre Bertin: Like the don't redirect to different page. You just didn't remember your last purchase and click on it. And it's very dated.

Ran Cohen: You just need to remember your last purchase and click on it. And it's validated,

Pierre Bertin: I presume he is talking about the tokenization? 

Ran Cohen: Yeah, I think so, tokenization that allows you to complete a first transaction saving your card for future transactions. And on a future transaction, when you log into that website, the website shouldn't show you now a checkout. Should show you buy with a click, buy with the card that ends with your four digits. So that's a way to do it. Obviously today you also have Apple Pay and Google Pay which are super fast and you like, everything is connected. When we add the apple pay into the checkout of users or websites, the users are able to continue the purchase if it's from the computer from the phone. So it's very easy, very sleek what both Apple and Google are doing. And both are becoming very much popular today.

Pierre Bertin: Alright well, if there is no other questions, I think this will mark the end of the webinar. So thank you all for joining. Don't forget that next week. We have our 8th webinar about cyber security. So stay tuned and talk to you soon. Thanks, you guys.

Ran Cohen: Thank you guys. Thank you Sohail Khan. Thank you, Ronnie. Thank you, Ana for participating. Guys if there is any more questions, we'll be happy to answer. Thank you, Noh. Thank you, Georgia, Rebecca and Mila and Yell, and Nonain and Alia and Christina. Okay. Good night. Have a good evening.

Pierre Bertin: Have a good evening, everyone. Thanks.

Ran Cohen: Thanks.

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